Turkey Lira Collapses Another 15% in One Day as Erdogan Defends Rate Cuts

Turkey’s currency, the lira collapse accelerated Tuesday, down 15% on the day. This was its second-worst day ever with the latest catalyst President Tayyip Erdogan defending the Turley Central Bank sharp rate cuts. He vows to win his so called “economic war of independence”. Meanwhile Turks can’t afford bare necessities as inflation runs rampant from the collapsed currency. Erdogan has dug his heals in from the widespread criticism and pleas to reverse course on rates. Highlights (via Reuters) Lira has … Continue reading “Turkey Lira Collapses Another 15% in One Day as Erdogan Defends Rate Cuts”

Oatly Group World’s Original and Largest Oatmilk Company Running Into Headwinds With Record High Oats Prices

Sweden’s Oatly Group is facing headwinds of oats futures near a 7-1/2 hear high. Drought slashed supplies from top global supplier Canada at a time of robust demand for the grain. $OTLY is expanding beyond milk to ice cream, yogurt, cooking creams, spreads and on-the-go drinks Swedish-based Oatley is the world’s original and largest oat milk company with offerings of milk to ice cream, yogurt, cooking creams, spreads, and on-the-go drinks. The company has run into headwinds with food supply … Continue reading “Oatly Group World’s Original and Largest Oatmilk Company Running Into Headwinds With Record High Oats Prices”

Russian Arms Manufacturer Almaz-Antey New Hydrogen Fuel Cell Cars

The Russian government-backed arms manufacturer Almaz-Antey has announced that it is working on a new hydrogen fuel cell passenger car,known as E-NEVA. The hybrid car will be for civilian use. Hydrogen provides more mileage and lower CO2 emissions than electric cars

New Palm Oil Plantation Permits Moratorium Ends in Indonesia, What Next?

Indonesia is the world’s biggest exporter of palm oil and on 19 September a three-year moratoriom for new oil palm plantation permits expired. There have been no decisions on whether to extend or end it. The decision is crucial to Indonesia finances, the environment and Orangutans.

European Ride Hailing Service FREE NOW Makes Electric Vehicles Default Option For Riders

German based ride-hailing service FREE NOW  announced it will start offering electric vehicles as its default first option for customers in the UK instead of gasoline or diesel vehicles. FREE NOW aims for 100% of its trips to be zero-emission by 2030 across all key European cities

Fed Stress Tests Order Banks to Preserve Capital By Suspending Buybacks and Limit Dividends

The Federal Reserve completed its annual stress test on Thursday for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event. The Fed capped bank dividend payments and suspended share-buybacks for the third quarter.

Fed Rejects Deutsche Bank and Limits Payouts of Goldman Sachs and Morgan Stanley After Stress Tests

The Federal Reserve completed its annual stress test and concluded Deutsche Bank for the third time in four years  The Fed also limited the payouts of Goldman Sachs and Morgan Stanley. State Street will have to give the Fed more information on counterparty exposure.

How Much Oil In America’s Strategic Petroleum Reserve is Contaminated?

Countries around the world store oil for times of crisis and price bumps, the idea is store it and use it in emergency. What if that oil is not usable, if it is contaminated? Three buyers from the US Strategic Petroleum Reserve say just that, from oil bought last year from the SPR.

American Beef, Soybeans and Grains At Risk Should China Retaliate

American agricultural markets may be at risk should China choose to retaliate against Steel and Aluminum tariffs. Specifically the vulnerable markets are soybeans, beef abd grains including sorghum. Such a ban could be a boon for Australia and South America.